Intuit price target raised to $155 from $140 at J.P. Morgan

Intuit Inc. shares edged down in the extended session Tuesday after the company's fourth-quarter earnings beat Wall Street expectations. Intuit shares fell just over 1% to $136.44 after hours. The financial software provider's net income grew to $24 million, or 9 cents a share, with a loss of $40 million, or 16 cents a share, in the year-ago period. Adjusted earnings were 20 cents a share. Revenue increased 12% to $842 million from $754 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 17 cents a share on revenue of $809 million. Intuit also announced its Chief Financial Officer R. Neil Williams will step down in January, to be replaced by Michelle Clatterbuck. Executives issued first-quarter sales guidance of between $840 million and $860 million, and adjusted earnings of 3 cents to 5 cents per share. Analysts model first-quarter adjusted earnings of 11 cents a share on sales of $851 million. Intuit stock has gained more than 20% year-to-date, while the S&P 500 index has gained 9.5%.

Twitter Inc. announced Intuit executive Ned Segal as its chief financial officer Tuesday. Segal will be taking over in late August from Anthony Noto, who had been working as Twitter's chief financial officer as well as its chief operating officer. Noto will remain with Twitter as its chief operating officer. Segal was most recently senior vice president of finance for the small business group at Intuit Inc. Before that, he was the CFO at RPX, a patent risk management solutions company. "I've long admired Twitter's impact in the world, and I'm committed to helping the company build on its recent momentum, allocate resources against its greatest priorities, and continue toward its goal of GAAP profitability and beyond," Segal said in the press release. Segal will receive an annual salary of $500,000 as well as close to 800,000 restricted stock units over four years and close to 400,000 performance-based restricted stock units. Alongside the COO appointment, Twitter announced that it would release its second-quarter earnings on July 27 before the market opens. Shares of Twitter were up 0.5% in after hours trading. Twitter shares have gained 30% in the past three months, compared to the S&P 500's gain of 3%.

The National Crime Agency said it's made 63 arrests of individuals suspected of money laundering, identified more than 2,000 accounts, closed more than 450 suspect bank accounts and restrained £7 million of suspect criminal funds from May 2016 through March 2017 thanks to the collaborative work of the task force.

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Intuit Inc.

Intuit, Inc. engages in the provision of business and financial management solutions. The company operates through the following segments: Small Business, Consumer Tax, and ProConnect. The Small Business segment targets small businesses and the accounting professionals. It offers QuickBooks financial and business management online services and desktop software; payroll solutions; and payment processing services. The Consumer Tax segment includes TurboTax income tax preparation products and services. The ProConnect segment provides professional tax offerings, which include Lacerte, ProSeries, ProFile, and ProConnect Tax Online among professional accountants in the U.S. and Canada. Intuit was founded by Scott D. Cook and Thomas A. Proulx in 1983 and is headquartered in Mountain View, CA.
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